A machine can be purchased for $235,000 and used for five years, yielding the following net incomes. In projecting net incomes, double-declining depreciation is applied using a five-year life and a zero salvage value. Year 1 Net income $27,000 Year 2 $43,000 Year 3 $58,000 Year 4 $55,000 Year 5 $105,000 Compute the machine's payback period (ignore taxes). (Round payback period answer to 3 decimal places.) Computation of Annual Depreciation Expense Annual Depr. (40% Accumulated of Book Value) Depreciation at Year-End Beginning Book Value Year Ending Book Value 1 2 3 4 5 Annual Cash Flows Year Net Income Depreciation Net Cash Flow Cumulative Cash Flow S (235,000) 0 $ 1 2 (235,000) 17,000 43,000 58,000 55,000 105,000 3 4 58,000 55,000 105,000 58,000 113,000 218,000 5 Payback period years